In mid-2016, the attention of the financial services industry was captured by the exodus of a record number of agents then – numbering more than 240 – from Prudential Singapore (“Prudential“) to a competitor financial advisory firm (“Aviva FA“) solely owned by Aviva Ltd (“Aviva“). The move led to a landmark claim against a former top agency leader (“AL“) from Prudential, Peter Tan (“Tan“), for orchestrating the mass exodus.
After a lengthy 49-day trial conducted over three months in 2019 and 2020, the Singapore High Court has now issued its decision on the claim. In Prudential Assurance Company Singapore (Pte) Limited v Peter Tan Shou Yi and another [2021] SGHC 109, the Court found that Tan had, whilst contracted with Prudential, indeed carried out preparatory steps such as having discussions with Aviva on an arrangement which would involve him procuring Prudential’s ALs and agents to leave and to join the Aviva FA, as well as the subsequent acts of solicitation. The Court therefore held that Tan was liable for breach of his contractual obligation to conduct his insurance business with integrity and honesty, and also dismissed all of Tan’s four counterclaims against Prudential.
Prudential was represented by Murali Pillai SC, Luo Qinghui, Jared Kok, Andrea Tan, Tao Tao and Joey Ng of Rajah & Tann Singapore LLP. This Update provides a summary of the case and highlights the key aspects of the Court’s decision.
For more information, click here to read the full Legal Update.
